Bicycle Market Size & Share, Global Industry Trends Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Bicycle Market


The global Bicycle market size is projected to reach US$ 80.95 billion by 2026, from US$ 56.75 billion in 2020, at a CAGR of 6.1% during 2021-2026. The increase in number of people opting for bicycling as a form of leisure is anticipated to propel the growth. Preference for bicycle as a convenient form of exercise to ensure a healthy life, free from obesity and other disorders is expected to further drive the market expansion.

The popularity of dockless bicycle sharing systems has been rising lately. This system allows users to locate a bicycle nearby and unlock it electronically. Incepted originally in Europe, dockless bicycle sharing systems are gaining popularity, particularly in Asian nations, including India and China. Furthermore, recent advances in mobile app development and Global Positioning System (GPS) have resulted in app-based dockless bicycle sharing systems.

The growing adoption of such dockless bicycle sharing systems is expected to fuel the demand for cycles significantly. Chinese bicycle sharing companies are particularly investing and expanding their operations aggressively in European nations to capitalize on the market opportunities, which is expected to boost market growth further over the forecast period.

People have started realizing the importance of staying fit and having a healthy life. They have also started realizing that regular bicycling can keep disorders, such as obesity, at bay. The market is expected to grow as more and more people are resorting to bicycling as a regular form of exercise. Events, such as Tour de France and Ronde van Vlaanderen, are further adding to the popularity of these vehicles. Meanwhile, rise in bicycling events being organized in various countries from Asia, Africa, and Middle East are fueling the sales of mountain as well as road bicycles.

The growing traffic congestions and shortage of parking space, particularly in metropolitan cities, is prompting people to consider bicycle commutation for short distances to save time. At the same time, various governments are aggressively rolling out the infrastructure necessary to support bicycle commutation, thereby encouraging people to opt for bicycles. However, the looming lack of the infrastructure necessary to support and encourage bicycle commutation, particularly in developing economies, such as India, is expected to hinder the growth of the bicycle market. Similarly, lightweight bicycles made using composite materials make them expensive, which does not bode well for the market expansion.

Market Segmentation, Outlook & Viewpoint: Global Bicycle Market

Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Mountain
  
Hybrid
  
Road
  
Others

Technology Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Electric
  
Conventional

End User Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Men
  
Women
  
Kids

Key Players, Recent Developments & Regional Insights: Global Bicycle Market

The road bicycle segment accounted for the largest market share in 2017 and is expected to emerge as the fastest-growing segment over the forecast period. The growth can be attributed to the fact that these are the most basic vehicles, which do not need any sophisticated accessories, such as those required by racing, mountain, or other special-purpose bicycles. The growing trend among people to customize road bicycles for specific purposes is also expected to contribute to the segment growth in the forthcoming years.

Meanwhile, the mountain bicycle segment is also expected to grow significantly over the forecast period, as consumers, particularly millennials, continue to opt for mountain bicycling as a form of leisure and adventure. The establishment of new mountain bicycling circuits coupled with growing media coverage for such events is expected to further fuel segment growth.

Regional Insights

Asia Pacific emerged as the dominant segment in 2017 with a revenue share exceeding 20%. The region is anticipated to expand at the fastest CAGR of over 6.0% over the forecast period. Nations, such as China, Japan, and Singapore, among others, emphasize on rolling out the infrastructure necessary to encourage and support bicycle commutation. Some of the cities in Asia, such as Tokyo, are known for their lowest accident rates and are hence considered as ideal cities for urban bicycling. Moreover, Chinese bicycle sharing companies are aggressively targeting, countries, such as India and Australia, to expand their operations. As a result, the demand for bicycles is expected to rise over the forecast period.

The European region accounted for the second-largest share of the global market in 2017 and is anticipated to expand significantly at a CAGR of over 5.0% over the forecast period. Europe is home to some of the cities that are considered ideal for bicycle commutation. Some of the most popular bicycling events, such as Tour de France and Ronde van Vlaanderen, are also organized in Europe. European nations, including Belgium, Denmark, France, and Italy, are aggressively rolling out the infrastructure to support and encourage bicycle commutation and are contributing significantly towards the growth of the regional market.

Bicycle Market Share Insights

Accell Group, Dorel Industries, Giant Bicycles, Merida, and Trek Bicycles are some of the leading incumbents of the market. These companies are striking partnerships, investing aggressively, engaging in mergers and acquisitions; launching new products; introducing new services, such as home delivery of high-end bicycles, after-sales support, and maintenance; and pricing their products and services competitively as part of the efforts to retain their competitiveness.

Key Insights Covered: Global Bicycle Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Bicycle industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Bicycle industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Bicycle industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Bicycle industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Bicycle industry.

Research Methodology: Global Bicycle Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other